Gold firms up on global cues, jewellers' buying

New Delhi: Gold rallied by Rs 175 to Rs 32,275 per 10 gram at the bullion market on Monday on the back of positive global cues and fresh buying by local jewellers.

Silver followed suit and advanced by Rs 200 to Rs 38,000 per kg due to increase in offtake by industrial units and coin makers.

Marketmen said a firm trend overseas, with investor appetite for risk curbed by worries over a partial US government shutdown, China-US trade tensions and faltering global economic growth, influenced gold prices here.

Globally, gold rose 0.51 per cent to USD 1,263 an ounce and silver by 0.41 per cent, to USD 14.76 an ounce in New York.

Besides, increased buying by local jewellers at the domestic spot market supported the upside, they added.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities added Rs 175 each at Rs 32,275 and Rs 32,125 per 10 gram, respectively. The precious metal had lost Rs 130 on Saturday.

Sovereign, however, traded flat at Rs 25,000 per piece of eight gram.

Tracking gold, silver ready spurted by Rs 200 to Rs 38,000 per kg and weekly-based delivery by Rs 2 to Rs 37,496 per kg.

Silver coins, however, held steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.